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If Rhode Island lawmakers get their way, pop icon Taylor Swift could soon be paying an extra $136,000 a year in property taxes on her Watch Hill mansion. It’s a tiny dent in Swift’s reported ...
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The Cool Down on MSNOfficials pass so-called 'Taylor Swift Tax' targeting super-wealthy homeowners: 'Chump change to her'Taylor Swift owns eight homes across the US. Officials pass so-called 'Taylor Swift Tax' targeting super-wealthy homeowners: ...
If passed, Rhode Island's so-called "Taylor Swift Tax" would establish a new tax rate for non-primary residences valued at more than $1 million.
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'Taylor Swift Tax' proposal in Rhode Island could impact the starTaylor Swift soon may be required to pay a hefty amount of taxes on her New England home, which is undergoing renovations, if a proposed tax act in Rhode Island goes through.
Taylor Swift's Rhode Island home is reportedly worth about $28.1 million. If the proposal passes, she would be required to pay about $135,500 in taxes annually.
The conveyance tax would go from $2.30 to $3.75 for every $500, which would be a 63 percent increase. According to Zillow, the average selling price of a home in Rhode Island is around $492,939.
The conveyance tax would go from $2.30 to $3.75 for every $500, which would be a 63% increase. According to Zillow, the average selling price of a home in Rhode Island is around $492,939.
For context, the average home in Rhode Island sells for about $492,939, according to Zillow. Under the new rate, that would mean about $3,700 in conveyance tax, up from roughly $2,200.
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